Discounted Cash Flow (DCF) Analysis Unlevered
Visiativ SA (ALVIV.PA)
34.35 €
+1.90 (+5.86%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 124.39 | 163.22 | 203.22 | 189.95 | 214.40 | 247.67 | 286.10 | 330.49 | 381.76 | 441 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 8.70 | 11.13 | 14.64 | 11.71 | 20.70 | 18.25 | 21.08 | 24.35 | 28.13 | 32.49 |
| EBITDA (%) | ||||||||||
| EBIT | 6.18 | 6.93 | 7.62 | 4.97 | 13.70 | 10.88 | 12.57 | 14.52 | 16.77 | 19.37 |
| EBIT (%) | ||||||||||
| Depreciation | 2.53 | 4.20 | 7.03 | 6.74 | 7 | 7.37 | 8.51 | 9.83 | 11.36 | 13.12 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 35.22 | 35.34 | 31.68 | 65.25 | 68.70 | 65.36 | 75.50 | 87.21 | 100.75 | 116.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.01 | 0.28 | 0.31 | 0.38 | 0.30 | 0.34 | 0.39 | 0.45 | 0.52 | 0.60 |
| Inventories (%) | ||||||||||
| Accounts Payable | 24.32 | 29.88 | 39.50 | 36.24 | 39.60 | 46.98 | 54.27 | 62.69 | 72.42 | 83.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.94 | -5.09 | -6.76 | -8.72 | -12.20 | -10.25 | -11.84 | -13.68 | -15.81 | -18.26 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 34.35 |
|---|---|
| Beta | 1.316 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 23.62 |
| After-tax Cost of Debt | 1.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.744 |
| Total Debt | 98.50 |
| Total Equity | 3,692.14 |
| Total Capital | 3,790.64 |
| Debt Weighting | 2.60 |
| Equity Weighting | 97.40 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 124.39 | 163.22 | 203.22 | 189.95 | 214.40 | 247.67 | 286.10 | 330.49 | 381.76 | 441 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 8.70 | 11.13 | 14.64 | 11.71 | 20.70 | 18.25 | 21.08 | 24.35 | 28.13 | 32.49 |
| EBIT | 6.18 | 6.93 | 7.62 | 4.97 | 13.70 | 10.88 | 12.57 | 14.52 | 16.77 | 19.37 |
| Tax Rate | 15.33% | 57.18% | 77.02% | 63.12% | 23.62% | 47.25% | 47.25% | 47.25% | 47.25% | 47.25% |
| EBIAT | 5.23 | 2.97 | 1.75 | 1.83 | 10.46 | 5.74 | 6.63 | 7.66 | 8.85 | 10.22 |
| Depreciation | 2.53 | 4.20 | 7.03 | 6.74 | 7 | 7.37 | 8.51 | 9.83 | 11.36 | 13.12 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.27 | -0.03 | -0.07 | 0.09 | -0.04 | -0.05 | -0.06 | -0.07 | -0.08 |
| Accounts Payable | - | 5.56 | 9.62 | -3.25 | 3.36 | 7.38 | 7.29 | 8.42 | 9.73 | 11.24 |
| Capital Expenditure | -4.94 | -5.09 | -6.76 | -8.72 | -12.20 | -10.25 | -11.84 | -13.68 | -15.81 | -18.26 |
| UFCF | 2.81 | 7.36 | 11.60 | -3.47 | 8.70 | 10.20 | 10.53 | 12.17 | 14.05 | 16.24 |
| WACC | ||||||||||
| PV UFCF | 9.31 | 8.78 | 9.26 | 9.77 | 10.30 | |||||
| SUM PV UFCF | 47.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.53 |
| Free cash flow (t + 1) | 16.56 |
| Terminal Value | 219.92 |
| Present Value of Terminal Value | 139.51 |
Intrinsic Value
| Enterprise Value | 186.92 |
|---|---|
| Net Debt | 29.80 |
| Equity Value | 157.12 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | 1.46 |